Stonehenge inks new land access agreements

THE DRILL SERGEANT: Stonehenge Metals has signed three separate land access agreements to undertake a maiden exploration drilling program across the company’s Daejon project in South Korea.

The Daejon project has 225 historical diamond drill holes and outcrops over a six kilometre strike containing, what the company claims to be, the largest known uranium resource within South Korea at 65 million pounds (Inferred) grading 320 parts per million uranium at a 200ppm cut-off (in accordance with JORC guidelines).

Daejon also has a Vanadium exploration target of 70 to 90 million tonnes at a grade of between 0.25 per cent to 0.35 per cent vanadium for contained 385 to 695 million pounds vanadium.

 

Map of Daejon project area showing location of land access agreements. Source: Company announcement

 

Agreements for two parcels of land, Seo 16 and 17, located within the Yokwang deposit have been secured, where the company intends to drill to intersect the mineralised zone.

Stonehenge considers Yokwang to hold exploration potential with a JORC exploration target of 15 to 59Mt with uranium grade ranging between 300 to 500ppm uranium.
 
Although the purpose of the Yokwang drill program is to confirm the continuity of the uranium mineralised zone, including thickness and grade, Stonehenge will also use it in estimating a maiden vanadium resource over the area.
 
“This program represents the first stage in converting our vanadium exploration target into a resource,” Stonehenge metals managing director Richard Henning said in the company’s announcement to the Australian Securities Exchange.

“There is little doubt that the quantity and grade of the vanadium that we have tested to date means that it cannot be ignored, and our metallurgical work continues to improve the co-extraction process of uranium and vanadium.

“Early modelling shows a strong economic case based on processing the two minerals, both of which are of major significance to Korean industries.

“As we prove up some of the earlier work done by Korean geologists back in the 1980’s and add our expertise in metallurgy, environmental planning, and adopting ‘best practice’, we will continue dialogue with central and provincial government and all members of the local communities with regard to open and transparent activity.”